Friday, April 26, 2013

Companies that sustain a data breach not only risk losing customers but also having them tell family and friends not to patronize that organization.

A study of consumer attitudes worldwide about their personal data and how companies protect it found 23% had suffered a data loss within the last 2 years, and because of the breach, 38% of them no longer did business with that company.

"More than 32% of respondents in the study said they "strongly agreed" with the statement that, in the event of a data breach, they would cease to do business with the organization concerned." - Economist Intelligence Unit

"Consumers clearly feel very strongly about the perceived betrayal of trust that a data breach represents," said Paul Bantick , who heads Beazley's Technology, Media and Business Services team in London. About 70% of respondents felt incentives for businesses to protect personal information are inadequate.

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